STATE OF NEW YORK
________________________________________________________________________
7078--A
2021-2022 Regular Sessions
IN ASSEMBLY
April 21, 2021
___________
Introduced by M. of A. SIMPSON, MONTESANO, GALLAHAN, FAHY, BYRNES,
EICHENSTEIN, DURSO, GANDOLFO, MANKTELOW, JENSEN, McDONALD, BUTTENS-
CHON, LAWLER, THIELE, MORINELLO, GUNTHER, B. MILLER, JONES, BURDICK,
MIKULIN, TANNOUSIS, McDONOUGH, LUPARDO, WOERNER, JEAN-PIERRE, KELLES,
RA, LEMONDES, SALKA, TAGUE, L. ROSENTHAL, ASHBY, LAVINE, PALMESANO,
J. A. GIGLIO, BRABENEC, ANGELINO, BLANKENBUSH, SCHMITT, SANTABARBARA,
PHEFFER AMATO, SMULLEN, REILLY, JACKSON, BROWN, FALL, ZINERMAN,
ABINANTI, DeSTEFANO -- Multi-Sponsored by -- M. of A. DAVILA, GRIFFIN,
HAWLEY, WALSH -- read once and referred to the Committee on Govern-
mental Employees -- recommitted to the Committee on Governmental
Employees in accordance with Assembly Rule 3, sec. 2 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to deem an application filed with the New York state and local
police and fire retirement system by the widow of Stephen L. Raymond
as timely filed
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding the provisions of any general or special
2 law, rule or regulation to the contrary, an application for conversion
3 of service or disability retirement to accidental death benefits for
4 victims of the 2001 World Trade Center disaster filed by Shari Raymond
5 with the New York state and local police and fire retirement system, on
6 behalf of her deceased husband Stephen L. Raymond who was previously
7 employed as a New York state department of environmental conservation
8 police officer and was a service retiree of the New York state and local
9 police and fire retirement system since March 29, 2007 which pursuant to
10 section 361 of the retirement and social security law had to be filed
11 with such retirement system by April 17, 2019 but was filed on December
12 23, 2019 shall be considered timely filed.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09447-05-2
A. 7078--A 2
1 § 2. All costs of implementing the provisions of this act shall be
2 paid by the state of New York.
3 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow the application for conversion of service or
disability retirement to accidental death benefits for victims of the
2001 World Trade Center disaster filed by Shari Raymond on behalf of
Stephen L. Raymond, who was a service retiree in the New York State and
Local Police and Fire Retirement System, to be deemed timely.
If this bill is enacted during the 2022 legislative session, there
will be an immediate past service cost of approximately $2.07 million
which will be borne by the State of New York. This estimate is based on
the assumption that payment will be made on March 1, 2023.
Summary of relevant resources:
Membership data as of March 31, 2021 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2021 actuari-
al valuation. Distributions and other statistics can be found in the
2021 Report of the Actuary and the 2021 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
and 2021 Annual Report to the Comptroller on Actuarial Assumptions, and
the Codes, Rules and Regulations of the State of New York: Audit and
Control.
The Market Assets and GASB Disclosures are found in the March 31, 2021
New York State and Local Retirement System Financial Statements and
Supplementary Information.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This fiscal note does not constitute a legal opinion on the viability
of the proposed change nor is it intended to serve as a substitute for
the professional judgment of an attorney.
This estimate, dated January 13, 2022, and intended for use only
during the 2022 Legislative Session, is Fiscal Note No. 2022-52,
prepared by the Actuary for the New York State and Local Retirement
System.
